What is marketing?
The best place to start a study of marketing principles is to first clearly understand what is meant by marketing.
As you have probably gathered, the word “marketing” is obviously related to the word “market”. You should note that the word marketing is a verb, which means that marketing is an active process of “going to market”.
Therefore, in simple terms, marketing is all about helping a firm (or organization) go to market. In particular, the role of marketing for a firm includes:
- To add value for consumers,
- To win customers,
- To outperform its competition,
- To make a difference to society and
- To achieve the firm’s other defined goals.